Savings Calculator

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Use the free savings calculator below to understand how your money can grow over time. When you put money in a savings account, the interest you earn builds on itself.

Savings calculator tip

First, run the numbers without a monthly deposit. Then try it again with $25 or $100 per month to see how regularly adding even a small amount can move you closer to your savings goal.

»  Take a deeper dive with this explainer on compound interest.

» Want to upgrade your account? Check out NerdWallet's best high-yield online savings accounts.

Savings calculator help

  • Starting balance: This is the amount you plan to deposit in the savings account initially.

  • Monthly contributions: This is the amount you will deposit on an ongoing monthly basis. It's an optional field.

  • Time to grow: This is the period of time your money will be in savings without a withdrawal. You can select a number of years or months.

  • Annual interest rate: This is the yield you expect to earn. The national average savings rate is 0.06%, though some high-yield savings accounts earn much more.

Discover Bank logo
Learn More

Member FDIC

Discover Bank Online Savings

Discover Bank logo
APY

0.40%

Min. balance for APY

$0

Alliant Credit Union logo
Learn More

Federally insured by the NCUA

Alliant Credit Union High-Rate Savings

Alliant Credit Union logo
APY

0.55%

Min. balance for APY

$100

Frequently Asked Questions

How much should I save each month?

There is no one answer, but the general standard is to build your savings to cover three to six months' worth of basic expenses. If you are able to save 20% of your take-home income each month, you may be well on your way. But even if you save a smaller amount, be consistent, and you can reach your savings goal.

How do you calculate interest on a savings account?

Multiply the account balance by the interest rate for a select time period. The result is the amount of interest the account earns in that time period.

How much will a savings account grow?

A balance of $5,000 can grow by more than $50 in a couple of years at a rate of 0.50% APY, even if you don't make any extra deposits. The higher the rate, the faster a savings account will grow. Also, because of compounding, the more often your bank deposits interest into your savings account, the more the overall balance will grow.

Frequently asked questions

If you put away $150 a month (about $37.50 a week) in a savings account that earns 0.50% APY, you would save more than $5,000 in under three years. Use this savings calculator to compare other contribution amounts.

If your savings account earns only 0.01%, your earnings after a year would be $1. Put that $10,000 in a high-yield savings account for the same amount of time, and you can earn about $50.

There is no one answer, but the general standard is to build up your savings to cover three to six months' worth of basic expenses. If you are able to save 20% of your take-home income each month, you may be well on your way. But even if you save a smaller amount, be consistent and you can reach your savings goal.

Multiply the account balance by the interest rate for a select time period. The result is the amount of interest the account earns in that time period.

A balance of $10,000 can grow by more than $100 in a couple of years at a rate of 0.50% APY, even if you don't make any extra deposits. The higher the rate, the faster a savings account will grow. Also, because of compounding, the more often interest is deposited into a savings account, the more the overall balance will grow.

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